Folks who have applied or closed with Navy Federal (NFCU)

[frugalQ]

I have no experience with Navy Fed, but congrats on your scores.

I went back and reread your original post. You are looking for a 5/5 ARM? With int rates being so low, are you considering a 30-yr fixed? I didn't think there was a big difference in rates between fixed and ARM nowadays.

[BeingMaryJane]

I don't plan to be in the home 30 years, maybe not even 7. I will probably have to move for work.. Most likely..

But I'm open to programs. NFCU's arm is 2.5.. I know a fixed is 3.5.. I guess we'll see after they run my credit and tell me my rate.

[jcrsmom]

When we closed in Sept., there was a 2% difference between the two loans. We opted to go with the 5/5.

[jcrsmom]

Fixed is that low now? We closed in Sept. and it was over 5% and we had mid 700 credit score. We ended up going with the 5/5 Arm and closed at 3.875%.

[kelle711]

Not sure if anyone has mentioned this or maybe this is something everyone knows and I am just late to the party. I recently applied with Navy Federal for the 5/5 ARM. The loan officer said my pre-approval had to be based on the "worst case scenario " which meant the initial rate plus the 1st max adjustment. So I ended up with a much lower than expected max preapproved purchase amount. Also for 3/5 arm, 5/5 arm, and homebuyers choice you need at least 6 months reserves. I didn't know any of this when I applied and wish I did. I would have adjusted my expectations accordingly.

[jcrsmom]

I wonder if it was due to whatever your situation was? We didn't have to do or have any of that. Our experience was great.

[Anonymous]

Did any of you all who closed with NFCU take advantage of the Realty Plus program and used one if its realtors?  How long did it take to receive the cash bonus after closing?  

[jcrsmom]

No since we already had a realtor.

[Anonymous]

I was told it takes appx. 4 weeks after closing.  I am planning on doing this myself, in the next month or so.